Tencent and CyberAgent both recorded hefty exits as online messaging service Kakao joined forces with internet portal Daum in a reverse merger.
Online messaging company Kakao and internet portal Daum Communications, both based in South Korea, completed a merger yesterday that values the new company at up to ₩10 trillion ($9.4bn).
The deal is structured as a reverse merger in which Kakao, which is backed by investors including internet companies Tencent and CyberAgent, will be taken over by publicly-listed Daum, despite the latter’s capitalisation being just over a quarter of Kakao’s.
The back-door listing is being implemented by Kakao as an alternative…
